Blue Trust Inc. Raises Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Blue Trust Inc. raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 177.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,273 shares of the company’s stock after purchasing an additional 814 shares during the quarter. Blue Trust Inc.’s holdings in Innovative Industrial Properties were worth $171,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Innovative Industrial Properties by 0.6% in the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock worth $456,705,000 after purchasing an additional 28,111 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after purchasing an additional 45,779 shares during the last quarter. Tidal Investments LLC raised its stake in shares of Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after purchasing an additional 221,791 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Innovative Industrial Properties by 18.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after acquiring an additional 31,313 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $131.88 on Friday. The stock has a fifty day simple moving average of $129.15 and a two-hundred day simple moving average of $116.43. Innovative Industrial Properties, Inc. has a 1-year low of $69.08 and a 1-year high of $138.35. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of 23.14 and a beta of 1.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. During the same period last year, the company posted $2.26 earnings per share. Innovative Industrial Properties’s revenue for the quarter was up 4.4% on a year-over-year basis. Analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 5.76%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on IIPR. Roth Mkm upped their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Piper Sandler upped their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.